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tv   The Journal Editorial Report  FOX News  December 17, 2022 12:00pm-1:00pm PST

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paul: welcome to the editorial report. i'm paul gigot. federal reserve raising interest rates to the highest level in 15 years as fed chairman jerome powell warns more increases will be necessary to bring in inflation but as recession fears grow the biden administration is strike an optimistic tone. treasury secretary janet yellen saying in wall street journal op-ed the president has the economy back on track and his
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policies have improved the economic well-being of american families but a new fox poll finds just 16% of americans believe the administration's policies have helped them personally and only 26% think the president's actions have helped control inflation. 44% think they have made it worse. let's bring in our panel, dan heninger and kim stross leonard is royal board number alicia finley. the fed raising rates by another 50 basis points, 425 this year. have they started to go too far? >> they've not started to go too far. they backed off from the 75 point basis point, last month so they are slowing down a little bit but chairman powell has made it explicit even though the markets have been fighting him on the idea that they should slow down he said we've not tamed inflation and they are not going to back off,
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raising interest rates until they do. i think jerome powell has in mind the experience the fed chairman went through in the 1970s when arthur burns didn't get inflation under control. it ran on for years until paul volcker raise interest rates high enough to truly tame inflation. we have to understand inflation is like a cancer on the economy. it eats away everything, primarily wage gains by people and howell he is simply saying we are going to have to keep doing this until there is clear evidence that inflation is coming down regardless how much markets a big him to slow down on those interest rate increases. it's not going to start. >> the alternative argument would be inflation has peaked, prices are coming down. the yield curve, interest rates is averted, we are starting to make more progress on inflation and the risks of a recession are rising and you are hearing
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that from democrats like lisbeth warren and others warning powell and the fed could put the economy in the drink. what is your response to that? >> quite astonishing watching the media frame this suggesting we had seen this dramatic fall in inflation. what powell is saying is what everyone can see, inflation is still running at 7% increase, core is well above 6 going seen modest changes but we are a long way from the 2% which is the benchmark the fed is usually trying to get and so yes, you are going to see a ferocious lobbying campaign by democratic senators in particular to try to get the fed to pull back because they don't want to get landed with a recession but the fed is exercising the only tools it can do to get things under control. the administration is refusing to do anything to help the supply-side that might get this fixed faster. paul: thank you.
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janet yellen is writing the last two years have been very successful in stabilizing the economy, redirecting it and we are all set for a new era of stable growth. what's your reaction? >> they helped create this problem in march 2021 when they passed a one. $9 trillion spending bill under the premise of this is covid relief. most of it was transfer payments, child tax credits, similars payments, enhanced unemployment benefits that helps fuel demand at a time supply was limited. what we see now is increased demand for goods has waned. only certain amount of tvs you can purchase, price levels have started to taper off, this was a problem they helped create and fuel and the fed is trying to clean up after this mess. paul: what about the risks of
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recession? you're starting to see some cracks in housing, not doing that great, the labor market is holding up and europe will go into recession, china slow growth. how worried are you that we will see a real recession in 2023? >> it is a possibility. the question is how deep the recession would be or if it would be a slowdown. going back to the janet yellen article, it was striking, she only mentioned the word growth once, economic growth. it was basically defense of all the transfer payments they made into the economy. the other issue was the energy crisis. all she said they had done on that was make releases from the strategic petroleum reserve rather than alluding to or bringing up the fact that while pruden was invading ukraine, president biden was redirecting
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the energy economy away from fossil fuels for its green energy so there is little capital investment in energy in the united states. in other words we have still a very ruptured dislocated american economy and it is not clear that the biden administration is willing to take the steps that will stimulate growth, therefore we will likely be in a recession. paul: i don't see any policies out of washington that are progrowth, higher taxes, regulation. when we come back, kevin mccarthy scrambled to lockdown the speakership, and beleaguered by midterm losses and legal setbacks new poll shows support for donald trump's 2024-bit eroding is florida governor ron desantis surges. karl rove next. usty crew... were delayed when the new kid totaled his truck. timber... fortunately, they were covered by progressive,
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>> as congress rambles to finish government funding bill kevin mccarthy's bid to secure the speaker's gavel is roiling republicans, the gop leader will postpone races for several key committee chairs until after january 3rd. as he scramble to lockdown the votes he needs, a move that could delay work on some top republican priorities. let's bring in wall street journal columnist and fox news contributor karl rove. welcome. explain something to me. i thought republicans won the house and you have democrats did a transition to their leadership seamlessly, very little dissent and republicans can't even elect the speaker fellow who helped them get the new majority. what's going on? >> we have a small group of members, primarily out of the freedom caucus who decided, despite the fact that they do little if any to contribute to getting them in the majority
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they get to determine who the majority leadership is so we have andrew biggs, andy biggs of arizona running for speaker, he is surrounded by four other members who claim they will never ever vote for kevin mccarthy for speaker which means if they don't vote for him they run the potential of not having a speaker of the house for some period of time and maybe not being kevin mccarthy but it is amazing to me these are some of the least effective, least useful members of the house of representatives republican majority i have ever seen and they don't raise money to get people in power, two of the leaders, bob good of virginia, scott peary of pennsylvania literally kevin mccarthy had to spend millions of dollars on their behalf in 2020 to get them elected and gave each of them over one hundred $50,000 in hard money and these are two of the guys leading the effort to keep him from becoming speaker.
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paul: what's the motivation? it doesn't seem related to policies. is a personal? just their personal brands, they get on tv, social media and become heroes and to a certain faction? >> i think that's part of it but bob good told of another republican member who is a friend of mine, i don't care who is speaker, i just want to blow it up. that's constructive. i am an anarchist, i want blood all over the floor and then i'm happy. if they had a legitimate cause, this is the freedom caucus, these were the people who said we are fiscal conservatives yet they voted down the line for donald trump's big spending proposals, these are the constitutionalists, they said. but they are the people who did not participate in backing up the constitution on january 6th. a couple of them, at least one of them said when donald trump recently said we should
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terminate the constitution, retweeted and when it but up, had to withdraw the tweet but to me this is all about we want to be important, we want to be powerful and it is a narrow majority so we will exercise our influence. they want the ability for any member of the house of representatives, democrat or republican, to stand up and offer a privileged motion to declare the chair vacant and thereby subject the house to periodic mandated preferential debates over should the person now being speaker be allowed to continue to be speaker, talk about a recipe in this era for an unmitigated disaster, give the ability of the squad to stand up and say let's remove the republican speaker and get several days of debate until we all get tired of jaw-dropping about it. paul: to get the speakership mccarthy would have to weaken himself so much he couldn't govern as speaker. it makes no sense. let's turn to another subject,
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what do you make of the polls. i know it as long time before the actual voting but ron desantis moving up substantially and having a big lead against donald trump. >> you are right, it is early and there is a lot of movement possible but there have been four polls recently that said donald trump, was in bad shape, 2 of them caught my attention a lot. the quinnipiac poll said his approval rating nationwide is 30 one% which is the lowest in the 7 years they have been tracking his popularity. among republicans are still high, 70% approve of him but 20% disapprove of him which is all-time high and even in his own quarters, his own party he has started to become unpopular and usa today said 31% of the electorate wants to see trump run again, that includes democrats who want him to run because they think they can beat him but 61% said they are for somebody else and somebody
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else is ron desantis. it is early and there's a long time to go. he will be preoccupied with legislative session for the next several months and won't be able to get out there and be the campaign or he wants to be, not sure that is necessarily bad for him, let trump be out there making the mistakes he did, let's terminate the constitution, i got a major announcement, tune in, you are going to get for $99 a trading card with my image on it as a superhero. please. what is going on their? >> did donald trump make a big mistake declaring this early? this last month we have seen misstep after misstep. >> i think so and i think it was a flawed premise. i think there are two reasons he announced. flawed premise was if i announce that will discourage other people from getting in. it is not discouraging other people particularly since he did it so poorly with a terrible address, has not followed it up. the other reason he did it was
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he missed being in the headlines. since the election of 2020 donald trump has turned into a person who craves public attention that he had as president. when he was president people took his phone calls, people were calling him all the time. now he is the former president, strikes me he's more isolated and has to go to mar-a-lago during the lunches and dinners to be surrounded by the adulation of the people who are patrons of his club but i think part of it was i got to do this because i am missing the attention of being on the front page and in the evening news. >> first lady joe biden is reportedly all in on her husband's reelection campaign. some progressives are not so sure. . but now i'm working for schwab. i love to help people understand the world through their lens
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paul: president biden reportedly close to a decision on another white house run, chief of staff ron cleaned using the postholiday announcement, first lady jill biden all in on a second term for her husband but the potential for the idiomatic president to seek reelection isn't sitting well with some on the left. progressive organization routes action launched its first television ad in new hampshire as part of its don't run, joe, campaign. >> if he runs the election is at serious risk. >> joe biden representing status quo in 2024 simply won't cut it. we can't afford to risk the white house to a republican who could defeat status quo joe. >> we can't afford to lose. don't run, joe. >> don't run, joe. paul: let's bring back dan
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heninger, kim strawser land alicia finley. i want to ask about can't govern republicans in the house. is this a preview, this mess over the speaker vote what we will see for 2 years with a republican majority that is supposed to do something? >> i'm careful of that. this is a huge preview because this is such a narrow majority, it will only take a few guys to upset any applecart and they are doing it on one of the biggest votes. how they handle themselves when it comes to questions of spending, other policies, border issues. kevin mccarthy has a big problem on his hands. paul: why win majority view don't want to do anything but blow it up? let's turn to trump and desantis. you heard what carl said.
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is this the beginning of the divorce between trump and the republican voting electorate? >> i think so. a lot of republican voters see in ron desantis what they saw in trump without all the baggage. he's a fighter, he supports a lot of the policies they prefer and he gained a lot of support with the covid lockdowns. he was the first to oppose them. you've seen florida's economy which is among the strongest in the country because of that so he has a strong record to run on. he has all the benefits, the upsides of donald trump an candidacy is he peeks a little too early or maybe gets a little too - too calculate chris christie did and runs into a scandal.
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paul: on the to santos front, desantis/trump gets the headlines in the polling but is it save for republicans to put all their confidence in those two candidates or should the field be broader for president, you want to welcome in tim scott or glenn youngkin or other candidates who can show during a campaign they go the distance as opposed to people who don't like trump putting all their confidence in desantis. >> there are two realities at work, the first is as you stated. it is clear most americans, most republicans would like to move on to the next generation and the next generation of republicans who might conceivably run for president is very impressive. ron desantis would be a strong candidate but glenn youngkin, tim scott, nikki haley, mike
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pompeo, mike pence, would be a wonderful competition but here's the other side of that. the trump camp believes if he gets in again it will be a repeat of 2016 which is to say he has a solid 30% or so of the republican primary electorate and all the other candidates divide up what remains and he wins so that is a dilemma they face right now. neil: how serious is this progressive opposition if president biden does decide to run for a second term? does he have to be worried about it? >> are a serious. republicans don't like him, folks in the middle, moderates have increasing concerns about his policies and his capacity. and you had in the progressive base which is on the ascendance in the democratic party saying they don't think he went far
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enough on climate, healthcare, where is medicare for all, this is going to proven agitation or reason for there to be some other democrats who think about getting into this race. doesn't matter if jill biden is all in. what matters is whether or not there are democrats who cents a week presidential incumbent and whether or not mayfield it is time to challenge him. might not be the smartest thing for the party, maybe a lot of - a lot of roiling but this is not a fit a couple should he announced he is running. paul: nancy pelosi and chuck schumer said run joe run. he will have substantial support. >> i'm not so sure gavin newsom will stay out. if he sees other governors, the democrats get into the race i think gavin newsom will jump in. i have a hard time believing president biden will clear the
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field in two years. paul: sam banks about man-fried arrested in the bahamas, there is a criminal case against him, we will take a closer look at the charges and the political donations that could cause big headaches for lawmakers on capitol hill. so to help you remember that liberty mutual customizes your home insurance, here's one that'll really take you back. it's customized home insurance from liberty mutual!!! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ after years of chasing the big idaho potato truck... i finally caught it. oh man. always look for the grown in idaho seal.
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paul: sam bankman-fried was arrested in the bahamas in one of the biggest financial frauds in american history. the disgraced crypto king, 8 counts including wire fraud and money laundering and illegally steering tens of millions of dollars install armor soda stolen customer funds and those donations could cause big headaches for lawmakers on capitol hill. here is damien williams of the southern district of new york on tuesday. >> this dirty money was used in the service and bankman-fried's desire to purchase bipartisan influence and impact the direction of public policy in washington. paul: we are back with dan heninger, kim strastrossel, ho
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persuasive are they? >> no doubt he will be convicted, despite the presumption of you know since. there was clear intend to defraud investors even when things were starting to go south in may of 2,022 when you see crypto prices crash. what he did during that summer, the indictment shows that he continued to steer money from the fts exchange in order to fund real estate purchases and personal loans to executives. this is your embezzlement. there is no justification i have seen how he could defend himself in court other than to say i didn't intend to but clearly from the indictment the evidence is strong to show that he did.
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paul: the defense is it was just mistakes and mismanagement, i screwed up. and i think implicit in that is look at me, i am just a 30-year-old dark, not a professional. how well is that going to wash? >> i don't think awash in a court of law but i'm nonetheless intrigued by his defense as he says i didn't know exactly what was going on. one of the most interesting aspects of this whole thing is how really serious company like sequoia capital not too deeply interested in ftx lose this is one of the original venture capital firms and they went indeed, didn't do enough due diligence which i think arguably sam bankman-fried other people around him were taking cues from their elders. there was no risk management. he acknowledges there was no risk management.
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there wasn't much the last 10 years, venture capital, startups have been a wild west atmosphere because the cost of capital was so low. in walk these geniuses from stanford and they just figure it is like play money. we've had play money for about 10 years. this is a collapse of personal responsibility but has a lot of godfathers. paul: you wrote your club recall about these donations, spf is the second biggest donor to democrats after george soros and with a lot of money to a lot of people into big money. they have to return that cash. >> reporter: >> what we know from the sec complaint against spf is as he was moving money, his customers money he was essentially commingling it and using that
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money for political donations, so it is hard to say any of those donations are not criminally tainted and this money doesn't actually belong to those customers that are losing their shirt so it shouldn't be incumbent upon these public entities to return it and yet the sums are so big, one of the checks was for $6 million to one of the main outside groups, trying to get house democrats elected. it's not clear they have the money to pay him to make repayment of they want him to. this is an interesting situation. the individual politicians are making donations to charity but you've heard nothing from the big political entities that got dollars. >> if they return that money it wouldn't go to restitution for investors who lost things. does that sound right. >> that's why there is additional obligation to do so. some have been donating it to charity but how does that help
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all these investors especially smaller investors who look as though they are not going to get their money back, some of these big dollar donations that went to political entities could go a real distance toward making those investors hold. paul: what's the larger meaning of this crash and crypto, more broadly. is it just a question of the old story of human folly, people looking to the bright new thing and not doing due diligence. or is there something larger here? >> there's some truth to that. the lesson that shouldn't be taken away as this is a matter of there aren't enough regulations on the books. gary gensler and regulators, some of his schemes were pretty egregious had fairly apparent. he has authority from congress to go after bad actors in
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congress. we should not absolve the regulators. they missed some glaring red flags and should have caught this earlier. we 28 gary gensler is chairman of the sec. we will talk to doctor marty makary about long covid. in a report that it contributed to thousands of deaths in the us. in the projects that power our economy. from the plains to the coasts, we help americans invest for their future. and help communities thrive. cityserve, started rescuing women, children and the elderly. and as winter approaches, they need our help
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you can reach out and change the life of a suffering child right now. a surgery that takes as little as 45 minutes and your act of love can change a child's life forever. please call or visit now. thousands of children are waiting. paul: the biden administration released its winter preparedness plan had what officials fear could be a surge in cases after the holidays. the white house will's latest push to combat the virus amid a growing debate over its potential long-term effects, the centers for disease control and prevention claiming 20% of infections can result in so-called long covid. and report this week the agency's as long covid has contributed to the deaths of
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more than 3500 americans but my next guest is while long covid is real, the risks have been greatly exaggerated. doctor marty makary is a fox news medical contributor. good to see you. it has been a while. you wrote for us this week about the exaggerated fears of long covid. how so? >> i have patients to have had long covid. there are those that have brain fog, loss of smell and general fatigue and malaise and a neurological pins and needles sensation but the incidents is not 20%, the cdc dangles that number is if one in 5 americans is going to be struck by a permanent disability. the uk suggests that number in a much better study is close to 3%, and two new research articles in the last few weeks of shown they are common to any respiratory infection, long-haul symptoms can happen
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after any non-covid illness and one of those studies covid patients did slightly better than non-covid patients but had other respiratory illnesses and in a study that looked at every lab test under the sun, and a large cohort of people that had long covid there were no abnormalities. the nih seems very interested in studying long covid, they spent $1.2 billion, many have said that should not be our top covid research priority given the other issues that have never been studied like masks. paul: we are talking a few months, 6-month, years? >> part of the problem has been nonstandardized definition initially it was described as anyone who has any residual symptoms four weeks after the infection. if you are down and deconditioned and not sleeping well at night eating well you will have some lingering symptoms so the definition has
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matured to 3 months and even at that point one of the studies found the rate of continuous symptoms was around 3% and those symptoms continued to decline over time. paul: that is interesting. let's talk about why the cdc is so fixed on long covid and basically saying it is a particular thing to worry about? you suggested is a question of funding? what is going on? >> it does magnify the severity of the covid epidemic when you focus on the disability that can come afterwards. it is real, it occurs but not at that rate and when $1.2 billion are spent on long covid research which yielded nothing for the people suffering from long covid is almost no funding to do randomized controlled trials of masks or paxlovid or the
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vaccine, many people are saying the research finding a location is part of an agenda, that should not be politicized, that should go where the biggest research questions are, not where the biggest interest is in magnifying complications of covid. there has been almost no research by contrast on vaccine related complications. paul: as we near the third anniversary of the pandemic how should americans think about the holiday season and the winter months? how should they think about covid? should they think of it more like the flu or any other respiratory virus or should they take special precautions? >> it is good to think of it as a seasonal virus. covid is becoming an endemic seasonal virus and we are seeing it follow that pattern is expected. there are uncertainties ahead like the new strain.
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mother nature will determine how severe that will be, but think of this christmas season as a bad flu season and even though masks have been highly politicized and vaccine mandates have created mask mandate that never maskers, people should rubber high-quality mask is helpful in somebody who has symptoms. nobody should be coughing or sneezing on other people just out of common courtesy in the flu shot is still important although it may have only roughly 20% efficacy for the leading strain out there is important, tried-and-true and been out there for decades. i got the flu shot myself. . with the 8 so did i. as for the bivalent vaccine, i got it but i also got covid not long afterwards. is there evidence that this is actually effective? >> there is retrospective evidence and non-randomized trial evidence that it is low efficacy but many physicians
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set i will reserve the bivalent vaccine for higher risk americans have not had covid this year, they've not had a look on. 25% of the covid variant, the novel variant that is untested against the bivalent vaccine. only 40 million have used, helping show that efficacy. paul: when we come back amid rising crime, the first state to abolish cash bail, more defendants awaiting trial back on the streets. generations, whl bank differently with chase. leon's saving up for his first set of wheels... nice try. really? this leon's paying for his paint job on the spot... and this leon, as a chase private client, he's in the south of france, taking out cash with no atm fees.
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paul: crime is on the rise bit illinois is set to be the first nate state in the nation to aluminate cash bail, the centerpiece of sweeping and controversial criminal justice reform bill known as the safety act goes into effect, putting more defendants awaiting kernel trial back on the streets. we are back with dan heninger and colin leavy. tell us what will happen on january 1st. >> what this change does is reduces the number of options judges have here. in the previous system you had three options. a judge could order a defendant to pay bail or they could release them on their own recognizance or ordered him detained. now there's only two, they will be detained until trial or let go without any strings attached and that is a problem, people
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forget sometimes the point of bail isn't to keep people locked up but to give them some skin in the game, encourage them to show up for trial. if you release people who otherwise might have been out on bail you have a different incentive system where people might show up for trial. creating this dichotomy means too many people locked up or let go. paul: judges who get to make the decision on bail after that, they have a lot less discretion. is that fundamentally the change? >> that is fundamentally the change. there will be basically presumption of release for anyone who commits a misdemeanor and sometimes people think misdemeanors are little crimes like stealing a candy bar but sometimes they are not.
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included our domestic battery, crimes like assault. if you have, like you have in new jersey where a judge has more discretion, a judge can say in the case of this misdemeanor, there may be a good argument to have bail set whereas here, that's not available. paul: this law was passed some time ago really before in the wake of the george floyd episode. but since then, there has been a real rise in crime in chicago in particular. has there not been any second thoughts about this bill that maybe we ought to think about this a little more carefully before -- no\cuecue >> there's been a lot on the safety act and they amended the bill to deal with the issues but the problem is you still have a major arguments for criminal justice reform in
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illinois, things like prison overcrowding and civil liberties groups talking about the fact you need to reduce the number of people that are unnecessarily held in jail. that argument has pushback here. among the state's attorneys, 58 of them have sued in state court and they are challenging the constitutionality of this law. that will be looked at in the coming weeks. paul: one of the issues in cash bail that happened in other jurisdictions is what happens once you do limit discretion. you've seen examples of that. what the evidence of what happens when you get a change in bail laws? >> if you aluminate judicial discretion, than a lot of these perpetrators who are in fact very dangerous individuals end up back on the street. a lot of crime is committed by the same groups of people.
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the police know who they are, the judicial system knows who they are but if they cannot make any choices between people who made a mistake or people, multiple offenders, you end up with them back on the street coming crimes. one of the issues being raised is primary ability to govern progressive politicians in these cities, they seem incompetent. the images, the epidemic of shoplifting, hard to believe this is happening in the united states but in new york, chicago, washington dc, san francisco. it is happening. the striking thing, there is no midcourse correction by progressive politicians. they will not take into account the reality of what is happening on the streets. paul: you lived in chicago for some years, overseas and now
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back in the chicago area. how different is it from the point of view of public safety as you look at chicago now? >> i spent large portions of my life in chicago, if you talk to anyone on the street, doesn't matter, anyone in the grocery store will tell you they are making different judgments when they walk down the street. people generally watching their back, just a general sense of public disorder that didn't exist 5 years ago so it is a new situation. paul: we have to take another break. when we come back, hit and misses of the week. m your benefits at visionworks!
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year after the ag issued his infamous memo directing his fbi to look into parents for part two domestic terrorism given there attended some school board meetings we have some indictments. only not have parents instead a special grand jury has indicted two public school officials of the public assault in loudoun county have to be the source of a lot of the parental anger. mail subjects into the ag it is well past the time to rescind that memo and maybe start focusing on some real threats of the country. >> are calm and? >> paul, if you do a search right now on google for the words hong kong anthem the first thing you're going to see us and called laurie to hong kong. the unofficial song of the hong kong purchase movement for the upset about that they want you to see first of march of the volunteers which is the chinese national anthem. so they went to google and sent we think you should change your results. in what seems to be something of a first for an american company in recent years, google said no.
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so it hit to them for standing strong. quicksort sure, great, alicia? >> is a hit to u.s. biotech innovation which released findings from a study on a personalized vaccine melanoma cancer. it reduce the recurrence or death from melanoma by 44%. these vaccines basically work by going through your body and breaking down hitting cancer cells. the death rate for melanoma has declined by about 6% annually over the last decade due to these new innovative therapies. it has never been a better time to get cancer. >> that's fantastic news, dan? >> my hitch is going to american science and engineering for the break there producing positive energy with nuclear fusion. no they may not become practical for years but let's understands going on here for this is been years of effort by the breast
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and brightest minds of american government, universities in the private sector. not always doing it for the money but they do it for an american of course the freedom to pursue great and worthy intellectual challenges,. >> art thanks dan that's it for this week schober thanks to my panel and thanks to all of you for watching. we hope to see you right here next week. arthel: the crisis at our southern border expected to spiral further out of control and for days when title 42 silent restrictions are lifted. a huge number of migrants now lining up waiting to cross into the u.s. welcome to a brand-new hour of fox news alive i'm arthel neville hi brian per. >> c4 and i am brian everett sean. border agents are already seeing a surge in some of the busiest sectors of putting more pressure on overwhelmed shelters appeared former border patrol